Muammar Qaddafi's four decades of rule in Libya were marked by international sanctions and a distribution of income that left Libyans, who sit on Africa's largest oil reserves, poorer than the people of almost every other major Arab oil producer.

Two months after a NATO-backed uprising forced him from power, Qaddafi died in his hometown of Sirte today. He was 69.

"We announce to the world that Qaddafi has been killed at the hand of the revolutionaries," Abdel Hafiz Ghoga, vice chairman of the country's National Transitional Council, told reporters in the eastern city of Benghazi, where the revolt began in February.

State television announced: "Libya is joyous, Libya is celebrating."

Qaddafi, who turned his guns, aircraft and soldiers on his own people even before their peaceful protests grew into armed revolution, failed in his bid to avoid the fate of the leaders of Tunisia and Egypt, both toppled by popular uprisings this year. His death may bring to an end eight months of fighting between loyalists and the one-time rebels who now run the country after seizing the capital, Tripoli, in August.

Qaddafi had been in hiding since then. The transitional council said it would wait for the fall of Sirte, the last main holdout where Qaddafi loyalists were fighting, before declaring the country liberated. The council has said it would then hold elections within eight months.

David Fuller's view It will now be easier for Libya to get the foreign technical assistance required to increase the country's oil production. To the extent that this helps to keep oil prices in check, it is positive for the global economy.


Tim Price: Groundhog Year!

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What colour is your lifejacket? - My thanks to the author for two most recent letters, published by PFP Wealth Management. These have a growing following among Fullermoney subscribers who appreciate their Austrian School logic and the panache with which they are written.

Groundhog Year contains some memorable quotes from the great Murray Rothbard, which you may have seen and are certainly worth reviewing today. The second letter is full of Titanic references.


The Chart Seminar November 3rd & 4th - Eoin's next TCS will be in London, on the fast approaching dates above and held at the Radisson Edwardian Hampshire Hotel. This is in the heart of London's West End, with the main entrance on the lower side of Leicester Square and views overlooking Nelson's Column in Trafalgar Square.

Bearing in mind the adage: Wealth is accumulated in down markets and realised in up markets, this is a good time to develop and hone one's behavioural, technical skills.Come along to learn, contribute, profit and enjoy.


Please note - Eoin is currently in China but will return on 25th October.